Amalgamated Bank Makes New Investment in Flex Ltd. (NASDAQ:FLEX)

Amalgamated Bank purchased a new stake in Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 164,217 shares of the technology company’s stock, valued at approximately $6,304,000.

Several other large investors have also modified their holdings of the business. State of Alaska Department of Revenue purchased a new stake in Flex in the 4th quarter valued at approximately $1,697,000. One Wealth Advisors LLC purchased a new stake in shares of Flex in the fourth quarter valued at $368,000. JPMorgan Chase & Co. boosted its stake in shares of Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after acquiring an additional 296,505 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Flex by 113.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock worth $16,259,000 after purchasing an additional 257,975 shares in the last quarter. Finally, KBC Group NV raised its stake in Flex by 872.7% in the 4th quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock valued at $3,998,000 after purchasing an additional 93,426 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Flex Price Performance

Flex stock opened at $39.76 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market cap of $15.23 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10. The firm has a 50 day moving average price of $41.05 and a 200 day moving average price of $36.92.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at approximately $8,773,262.50. The trade was a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

FLEX has been the topic of several analyst reports. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Craig Hallum raised their target price on shares of Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Barclays increased their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $44.33.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.